Mortgage Rates

Compare customized mortgage rates from our top-rated network of lenders. Simply enter in the type of loan you’re looking for, the loan amount, your down payment amount, the type of home you are interested in purchasing, and your credit rating. If you’re not sure what your credit rating is, you can view it for free on LendingTreeLendingTree will then gather multiple offers customized to your specific needs. You can then compare and choose the best lender and rate for your mortgage.

Should you lock or float your mortgage?

When the offer on your home is accepted, you’ll start the process of securing the mortgage for your home. Lenders will give you the option to lock or float your mortgage rate prior to closing (which typically happens 30 days after the offer is accepted).

“Locking” your mortgage means that you and your lender have agreed on an interest rate and price for your home loan. Once your loan is locked, that’s the rate and price you get, regardless of what happens in the financial markets. If rates go up, you’re protected; but if rates go down, you won’t benefit either — you close your loan at the rate you’ve locked and you can’t change it. Locks have expiration dates ranging from 30 to 60 days or more, and the longer your lock period, the more it costs. If you don’t close your loan on time, you could end up paying a higher interest rate.

Every day, LendingTree posts our recommendation (below) on whether you should lock or float your rate, so make sure to check back here prior to making your decision.

Mortgage rate lock recommendation

We are again predicting that mortgage rates might edge up or perhaps hold steady today. However, that forecast is based on early market trends, and those frequently change speed or direction during the day. So a sharper rise or a fall remains possible. Still, if we were currently buying a home, we would lock our rate today. Read on to discover why you might prefer to float.

Our prediction could be undermined in coming hours by any economic, political, and geopolitical news that might affect the American and global economies. The only predictable items on today’s calendar are three auctions by the U.S. Treasury of short-term bills. And those only rarely move markets much. All investors’ eyes remain on Capitol Hill, where a reconciled tax-reform bill is steaming toward a final vote. Successful passage of that this week could see mortgage rates rise, at least moderately. But anything that makes enactment look less likely could see them tumble. Indeed, according to CNBC, this morning’s early rise was likely “boosted by optimism surrounding U.S. tax cuts.”

Average rates for 30-year fixed-rate mortgages inched down on Friday, but only by the smallest measurable amount. That was different from our prediction and was an example of markets changing direction during the day. Still, there has not been a firm trend in those rates over the last four weeks, with alternating periods of mostly modest rises and falls. Indeed, so far this month, they have moved within a very narrow band of 4 basis points – and a basis point is just one-hundredth of 1 percent. So there is still a risk in both floating and locking though recently that has been only a small one. However, that may mean we could soon be due some volatility.

What actually happens next will depend on whether relevant news becomes more or less positive in coming hours and days. Absent other factors, good news tends to push mortgage rates up, while bad news usually pulls them down. Unfortunately, those “other factors” are sometimes present. Nobody can be certain of the future, so you are taking a chance whether you float or lock. Only you can decide on the level of risk with which you are comfortable.

Mortgage Process

LendingTree makes getting a mortgage easy! Below are the steps to take to make your mortgage process as seamless as possible:

Mortgage types

The type of mortgage you get will affect the type of mortgage rate you qualify for. See below for the most common types of mortgages and what rates you could be eligible for.

Conventional mortgage

A conventional mortgage is one that is not insured by a government agency, such as HUD/FHA. It’s typically a fixed-rate 30-year loan and the buyer must put down at least 20 percent of the purchase price of the home to qualify. Conventional mortgages typically come with excellent mortgage rates because of the down payment and stringent credit score requirements.

FHA Mortgage

FHA mortgages are perfect for buyers with less than 20 percent down, a less-than-ideal credit score or first-time home buyers. Since these loans are backed and insured by the federal government, lenders are able to offer low, competitive rates to buyers. You can view current, up-to-date rates from our top-rated FHA lenders to see what type of rate you’d be eligible for.

VA Mortgage

VA mortgages are reserved for veterans, active-duty personnel, Reservist/National Guard members, and their eligible surviving spouses. VA loans are incredibly attractive to those that qualify because of their no down payment requirement, no mortgage insurance premiums, low closing costs and low, negotiable interest rates.

Additional resources

MORTGAGE PAYMENT CALCULATOR

See how much your monthly mortgage payment will be, including taxes, insurance and PMI.

Calculate Your Payment

GET THE BEST RATE

Start preparing your finances now in order to receive the best rate possible on your mortgage.

How To Get the Best Rate

FIXED VS ADJUSTABLE RATE

Tips on whether or not you should apply for a fixed-rate mortgage or an adjustable-rate mortgage.

Is an ARM Right for You?

How much house can I afford?

Use our Home Affordability Calculator to see how much house you can afford. Simply plug in your gross annual income, down payment amount, monthly debts and credit score. Our calculator will give you a range of conservative home prices up to aggressive ones.

Use Calculator

Mortgage rates by state

Mortgage rates can vary a lot between lenders on any given day. So, if you only get one mortgage quote, you won’t have any idea if there’s a better deal out there. That’s why the best way to get a mortgage rate it to request quotes from multiple lenders and compare interest rates, loan terms and closing costs. It puts you on in charge and keeps the banks competing to get you the best rate possible. Remember, even .1 percent can amount to thousands of dollars over the course of a loan. Make sure you shop around!